WASHINGTON (dpa-AFX) - Gold hovered near a one-month low on Tuesday as caution crept in ahead of key U.S. inflation readings, reports on retails sales and industrial production, and commentary from Federal Reserve officials due this week.
Spot gold fell about 1 percent to $2,594.77 per ounce in European trade, after having fallen more than 2 percent on Monday, weighed down by the dollar's continued rise amid expectations that U.S. interest rates will stay higher for longer. U.S. gold futures were down 0.8 percent at $2,597.90.
The U.S. dollar held near a four-month high, making bullion expensive for most buyers as the narrative shifted from risk-off hedging to an 'America First' stance' under Trump's presidency.
Traders now seek clarity on U.S. President-elect Donald Trump's policy proposals on global geopolitics, U.S.-China relations, NATO, immigration, and economic policies.
Multiple media outlets reported that Trump is likely to appoint two men with track records of harshly criticizing China for key positions in his new administration.
It was said that Trump will appoint pro-India Congressman Michael Waltz as his National Security Adviser and foreign policy hardliner Marco Rubio as Secretary of State to prioritize U.S.-India relations and counter Chinese aggression in the Indo-Pacific region.
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